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Forex Daily Outlook – October 30, 2018

Colin First
EUR/USD daily chart, October 23, 2018
Money

EUR/USD

The Euro drifted slightly lower during Monday’s session because of the political turmoil in Germany emanating from the recent elections. In the short term, the pair is likely to be in sell on rallies strategy and there is a strong resistance above between the 1.1450 and 1.15 level. The market needs to stabilize a bit first in order to rally higher and 1.13 level underneath should be a stringent support. …Read More

GBP/USD

The British Pound initially tried to rally higher, but because of the weak sentiment in the market it failed and was mostly sideways. The pair is getting strong support at the 61.8 per cent in Fibonacci scale and also the previous downtrend line. If the pair breaks below the 1.2750 level, then it will break further down and probably reach down to the 1.25 level. …Read More

AUD/USD

The AUD was mostly sideways during the yesterday’s session holding above the 0.7050 level. The 50 Day EMA is proving to be a major resistance line and the market will continue to struggle overall. Once the market breaks below the 0.70 level, then it can easily go down to the 0.68 level next or below. At present, both technical and fundamental aspect of the pair is weak and will continue to be in the same line for the next few weeks. …Read More

USD/JPY

The USD rallied against the JPY to kick-start the week and also the market is holding 100 EMA as strong support. If the pair breaks above the 112.50 level, then it could easily reach towards the 113 level and above but the area around is significantly resistive. The pair is highly sensitive to the global stock market and will take cues from S&P500 to chart out the future momentum. …Read More

 

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